Table of Contents
MKT530MIDTERM SOLVED PAPERS
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Introduction to Economics:
This orientation holds that consumers will favor those products that offer the highest quality, performance or innovative features. Managers focusing on this concept focus on production excellent products and improving them over time. 3. The concept of sales It’s true that consumers and businesses, left alone, usually won’t buy enough from the sale company products .
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Marketers need to understand their consumers and then devise strategies accordingly. The strategies for household consumers will be different from organization consumers and vice versa. But the focus of the marketers to gain competitive advantage in the eyes of consumers relative to the competitors. In ordered to gain competitive advantage, three aspects are important: customer satisfaction, customer value, and customer retention.
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For example, if one company is providing more value to the customer relative to the competitors, then the same will gain more competitive advantage.
MKT530 MIDTERM SOLVED PAPERS BY MOAAZ:
Customer value is defined in terms of price and cost. It is the difference between price which a customer is supposed to pay and the cost which is incurred in the manufacturing of the product.